Electrical equipment maker Havells India today announced its entry into the domestic appliances market with an aim to garner sales of Rs 500 crore from the segment in the next four years.
The company also said it will invest up to Rs 80 crore on marketing, research and development of its small appliances range over the next two to three years.
"We are very excited to enter into this fast growing domestic home appliance market wherein we see a huge business opportunity," Havells India Joint Managing Director Anil Gupta said in a statement.
The company today launched a range of products including food preparation, garment care, home comfort, cooking and brewing to cater to the estimated Rs 5,200 crore Indian domestic appliances market.
"Havells targets Rs 500 crore of business from the home appliances business in the next 3-4 years," Gupta said.
He said the products would initially be available in top 40 cities through some 4,000 outlets apart from its 100 exclusive Havells Galaxy stores.
Besides, the firm also plans to export its products to Latin America and Thailand using the distribution channel of Sylvania, which it bought in early 2007.
"This acquisition had catapulted Havells into the top league of lighting equipment makers, behind Philips, Osram and GE," it said.
